Naira’s Gains Against Dollar Provide Positive Start to the Week
The Nigerian naira has made a strong comeback against the US dollar at the foreign exchange market, starting the week on a positive note. According to data from FMDQ, the naira appreciated to N1585.77 per dollar on Monday, recording a gain of N12.79 compared to the previous week’s closing rate of N1598.56.
Not only did the naira perform well at the official foreign exchange market, but it also gained significant ground at the parallel market, where it closed at N1635 per dollar, up N10 from N1645 recorded on Friday. This marked a substantial boost for the naira against the dollar, highlighting the currency’s resilience.
Despite the naira’s gains, foreign exchange transaction turnover took a hit, dropping significantly to $71.18 million from $172.80 million at the close of work last week. This decrease may be attributed to various market factors, including global economic trends and local economic developments.
As the week begins, the naira’s appreciation against the dollar could be a welcome development for Nigeria’s economy, particularly for businesses and individuals reliant on international trade. As the situation continues to unfold, it will be important to monitor the currency’s performance and any potential shifts in the foreign exchange market.
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